June 11, 2019 / 4:14 PM / 3 months ago

U.S. corn harvest seen at four-year low after rainy spring - USDA

CHICAGO, June 11 (Reuters) - The U.S. government on Tuesday slashed its estimate of domestic corn production this year as heavy rain throughout the spring forced growers to cut their acreage and caused planting delays that threatened the size of harvest.

U.S. corn harvest will fall to a four-year low of 13.680 billion bushels, based on an average yield of 166.0 bushels per acre, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.

Chicago Board of Trade corn futures turned higher after the report was released.

USDA left its soybean projections unchanged, at 4.150 billion bushels for harvest and 49.5 bushels per acre for yield.

Analysts had been expecting the report to peg 2019/20 U.S. corn production at 14.251 billion bushels, based on an average yield of 172.4 bushels per acre, according to the average of estimates in a Reuters poll. (Reporting by Mark Weinraub Editing by Marguerita Choy)

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